All appeals by the defendant and the prosecutor are dismissed.

1. Summary of grounds for appeal;

A. The sentence of the lower court (one year and six months of imprisonment) is too unreasonable.

B. The Prosecutor’s sentence of the lower court is too unhued and unreasonable.

2. The crime of this case was committed by the Defendant using a multi-level similar organization with L, etc. to receive money investment, etc. from J, which is a virtual currency with no real value. The crime of this case is committed by avoiding regulations on money transactions and disturbing the social and economic order and spreading a large number of victims, and thus, the crime of this case is not very good. The amount of the receipt is reasonable and many victims, and the crime of this case is committed in violation of the Act on the Regulation of Similar Receipt of Securities in around 2010 by raising large amount of investment funds, and without being aware of the fact that the Defendant committed the crime of this case without being aware of the fact that he was sentenced to the suspension of the execution of imprisonment for a crime of fraud in around 2011.

However, the fact that the defendant recognizes his mistake and reflects it, and that some victims have agreed in the original trial and the trial court, etc. are favorable to the defendant.

In addition, considering the Defendant’s age, sex, environment, motive and circumstance of the crime, and the circumstances after the crime, etc., the lower court’s punishment is too heavy or is not unreasonable because it is too heavy. Therefore, the Defendant and the prosecutor’s assertion are without merit.

3. As such, the appeal by the defendant and the prosecutor is without merit, and all of them are dismissed in accordance with Article 364(4) of the Criminal Procedure Act. It is so decided as per Disposition.